estate planning

Clarke owned a small business that employed three other people besides him. He had sole signing authority on his business bank account, and personally had a joint mortgage on his home with his wife, Lois. His car was registered in his name only. Clarke was generous with gifts on special occasions and holidays for his children and his wife, and supported several charities on a regular basis.

Here are some common TIPS Canadians should consider when assisting family members with handling their financial affairs while alive. And some common TRAPS that may occur once an Executor is working on distributing the Estate assets to the heirs.

As people age, maintaining financial independence can become increasingly challenging. However, there are steps that senior can take to help ensure that they can continue to live independently and enjoy their golden years without financial worries.

Below, we will discuss some of the ways that seniors can maintain their financial independence for years into the future.

The Baby Boomers have become known as the sandwich generation as they are wedged between the dependency needs of aging parents and the needs of their children. Those hit the hardest have been the families ravaged by the onset of dementia or Alzheimer's disease. Baby Boomers now find themselves reaching the age when the disease is more likely to strike. Very few are prepared for the emotional and financial toll this degenerative disease can take.

Reason #1 – Relationships Change Over Time

Relationships are one thing we know will always change over time. Whether you’re young and going to get married one day or you’re an older adult who may eventually face the death of a spouse are going to change, and most likely, your listed beneficiaries will be affected.